The weather is finally heating up and so is the real estate market. You won’t see it in the April numbers, but I’m anticipating a big increase in the number of sales coming up in May. Home inventory remains low with the higher demand in the spring and summer months ahead.
Here’s a quick look at the real estate sales numbers for Cumberland County in April .
April had 231 homes sold, which is down 29.35% from 327 units that sold in April 2016. The decrease in homes sold can be attributed to the continued low inventory.
The median sale price for the month was $299,000 which is an 19.12% increase from the median sales price of $251,000 in the previous year. The median sales price indicates that half of the homes sold for more and half sold for less.
The median days on market for March was 25 days, which is just slightly than the median of 24 days in April 2016. That comes out to a 4.16% increase in the days on market year over year. This is the first time in a long time that I’ve seen a year over year increase in days on market (even though its a tiny increase), but anything under 25 days is ridiculously low for median days on market.
That’s all for now, get out there and enjoy the spring weather before we start complaining that it’s too hot outside. Check in next month for the latest update on the real estate market!
Note: These numbers were pulled from the Maine MLS as of 5/17/2017 for single-family homes in Cumberland County.